UX Overview
The Web Channel user with access to Trade Finance has capabilities to view the Import LCs limit overview. The Limit overview is displayed in a chart.
The limit overview display details as:
- The limit amounts for different statuses of Import Letters of Credit.
- The limit utilization for each type of Import LC and the limit utilization shows the amounts Available, Pending and Approved for each type of Import LC.
The following are thesections in the Import LC dashboard:
Import Overview
This section provides an overview of the Import LCs. This helps the user to understand the summary of LC. There are 4 categories for LC.
- Deleted Imports - The LC which the user deletes.
- Draft Imports - The LC are yet to be submitted or saved with partial information.
- Self Approved Imports - The LC submitted by the user.
- Total Imports - The Imports user has created. It is a sum of Deleted Imports, Draft Imports, and Self Approved Imports.
The Top section shows the numeric representation of individual category and the bottom section displays the same in the bar chart.
Recent Details
This section helps the user to see the last 3 created or updated LC where the latest record is shown on the top. The user can also navigate to see the details of recent LCs. There are four details available for each LC.
- Beneficiary - Name of the beneficiary.
- Amount - Total amount for the LC.
- Status - Current status of the LC.
- View Details - On click of this, navigate to the page to view LC details of the record.
Letter of Credits
This section displays all the LC details created by the user. LC displays 10 imports per page.
- Search for Key Words - Helps the user find the records using the keywords.
- View - This is a filtering option that allows the user to filter further the search based on the criteria. By default, the search shows all the LC created in the last six months.
Click here to find information of all available filtering options.- LC Type
- Sight - LC is payable immediately.
- Deferred - LC in which the bank takes a conditional undertaking to pay the seller on behalf of the buyer on a specified future date after completion of the transaction.
- Acceptance - LC that is paid by a time draft authorizing payment on or after a specific date, if the terms of the letter of credit have been complied with.
- Negotiation Sight - Negotiation means the purchase by the nominated bank of drafts (drawn on a bank other than the nominated bank) and or documents under a complying presentation, by advancing or agreeing to advance funds to the beneficiary on or before the banking day on which reimbursement is due to the nominated bank.
- Negotiation Acceptance - Regarding LC, when the documents are presented and reviewed by the bank, the process is referred to as negotiation of the documents. In accordance with UCP 600, a bank authorized to negotiate documents or drafts is authorized to give value for the draft(s) and or document(s), which means the LC can stipulate that payment be made by the advising, issuing or confirming bank.
- Status
- Draft - Record partially completed by the user and saved it.
- Self Approved - Record details submitted by the user .
- Deleted - Record deleted by the user.
- Time Period
- Last six months - Considers the record created on the last 180 days.
- Today - Considers only the record created on the same day.
- Last one Month - Considers the record created on the last 30 days.
- Last one Year - Considers the record created on the last 365 days.
- LC Type
- Beneficiary - Name of the beneficiary.
- LC Type - Specifies the type of LC.
- LC Type
- Sight: LC is payable immediately.
- Deferred: LC in which a conditional undertaking is taken by the bank to pay the seller on behalf of the buyer on a specified future date after completion of the transaction.
- Acceptance: LC that is paid by a time draft authorizing payment on or after a specific date, if the terms of the letter of credit have been complied with.
- Negotiation Sight: Negotiation means the purchase by the nominated bank of drafts (drawn on a bank other than the nominated bank) and or documents under a complying presentation, by advancing or agreeing to advance funds to the beneficiary on or before the banking day on which reimbursement is due to the nominated bank.
- Negotiation Acceptance: Regarding LC, when the documents are presented and reviewed by the bank, the process is referred to as negotiation of the documents. In accordance with UCP 600, a bank authorized to negotiate documents or drafts is authorized to give value for the draft(s) and or document(s), which means the LC can stipulate that payment be made by advising, issuing or confirming bank.
- Created on - Record creation date.
- Issue Date - Record issued date.
- Expiry Date - Record expiry date.
- Status - Shows the current status of the record.Click here to find information of different types of status options.
- Status
- Draft - Record partially completed by the user and saved it.
- Self Approved - Record details submitted by the user .
- Deleted - Record deleted by the user.
- Status
- Actions - Shows the action that the user can take.
Click here to find information about different LC Types.
Letter of Credits - Record Expanded
This section displays all the LC details created by the user.
- Reference - Specifies the unique reference number.
- Amount - Specifies LC amount for the specified record.
- Payment Terms - Specifies the LC type.
- Inco Terms - Specifies the type of the Inco terms.
- Charges - Specifies the charges for LC.
- Expiry Place - Specifies the Location where LC is LC is expired.
- Transferable - Specifies if the LC can be transferred.
- Stand by LC - It is a lender's guarantee of payment to an interested third party if the client defaults on an agreement.
Create New Import LC
There are 5 pages while creating a New LC Record.
-
Credit Details
This page describes the basic credit details for an LC.
Reference number (Mandatory): Specifies the unique reference number of the LC.
Amount (Mandatory): Specifies the LC amount.
Currency (Mandatory): Specifies the currency selected particular LC.
Tolerance Percentage: Specifies a value where Positive means the upper tolerance limit set for the selected LC/ Negative is the lower tolerance limit set for the LC.
Maximum credit amount: Specifies the maximum amount that can be credited based on the selected LC.
Additional amount payable: Specifies if an extra amount that needs to pay.
Payment terms (Mandatory): Specifies a value selected for the specified LC record.
Click here to find information about different LC Types.
- LC Type
- Sight: LC is payable immediately.
- Deferred: LC in which a conditional undertaking is taken by the bank to pay the seller on behalf of the buyer on a specified future date after completion of the transaction.
- Acceptance: LC that is paid by a time draft authorizing payment on or after a specific date, if the terms of the letter of credit have been complied with.
- Negotiation Sight: Negotiation means the purchase by the nominated bank of drafts (drawn on a bank other than the nominated bank) and or documents under a complying presentation, by advancing or agreeing to advance funds to the beneficiary on or before the banking day on which reimbursement is due to the nominated bank.
- Negotiation Acceptance: Regarding LC, when the documents are presented and reviewed by the bank, the process is referred to as negotiation of the documents. In accordance with UCP 600, a bank authorized to negotiate documents or drafts is authorized to give value for the draft(s) and or document(s), which means the LC can stipulate that payment be made by advising, issuing or confirming bank.
Available with (Mandatory): The bank details for the selected LC.
Issue date (Mandatory): Issuance LC date.
Expiry date (Mandatory): Expiry date for the selected LC.
Expiry place (Mandatory): Place where the selected LC expires.
Charges Account: Specifies from account name for costs.
Commission Account: Specifies from account name for commission charges.
Margin Account: Specifies from account name for Margin charges.
Message to Bank: Specifies the message to the bank.
- LC Type
-
Beneficiary Details
The user needs to enter the beneficiary details of LC.
Beneficiary Name (Mandatory): Specifies the name of the beneficiary.
Beneficiary Address: Specifies the address of the beneficiary.
City (Mandatory): Specifies the city name of the beneficiary.
State (Mandatory): Specifies the State name of the beneficiary.
Zip code (Mandatory): Specifies the postal code of the beneficiary.
Bank Name (Mandatory): Specifies the name of the bank.
Bank Address: Specifies the bank address.
City (Mandatory): Specifies the bank's city name.
State (Mandatory): Specifies the bank's state name.
Zip code (Mandatory): Specifies the bank's postal code.
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Shipment Details
The user needs to enter the Shipment details of LC.
Place of taking in charge: Specifies the location of accepting the goods of the selected LC.
Port of Loading: Specifies the location of loading for the selected LC.
Port of Discharge: Specifies the location destination port details for the selected LC.
Place of Final Delivery: Specifies the final delivery location for the selected LC.
Latest Shipment Date: Specifies the newest shipment date for the selected LC.
Transshipment: If there are other different shipment destinations. Choose between Allowed or Not Allowed.
Partial Shipments: If the goods are delivered partially shipped. Choose between Allowed or Not Allowed.
Inco Terms (Mandatory): If all type of Inco terms documents that the seller can provide. The Inco terms should be aligned with the presentation of compliant documents to the bank because this event triggers payment by the bank.
Mode of Shipment: Specifies all the existing shipment modes of the selected LC.
-
Documents and Terms
The user needs to enter Documents and Terms.
Description of goods: Specifies details about the goods.
Documents required: Specifies all the documents related to the selected LC.
Additional conditions code: Specifies additional codes for the selected LC.
Other Additional Conditions: Specifies other conditions for the selected LC.
Charges (Mandatory): Specifies the costs for the selected LC.
Confirmation instructions (Mandatory): The user must choose between Confirm or May Add or Without.
Transferable (Mandatory): is a letter of credit that permits the initial beneficiary of the credit to make some or all of the credit transferable to another party, thereby creating a secondary beneficiary. You need to choose between Yes / NO.
Stand by LC (Mandatory): is a lender's guarantee of payment to an interested third-party if the client defaults on an agreement. You need to choose between Yes / NO.
Upload Documents (Mandatory): The user can upload the documents related to the LC.
-
Review & Submit
This page helps the user to review the entered details. To review, click on the section name. This expands to section details.
Experience API
The following are theExperience API related to the Trade Finance
For Import LCs
| Name | Description | Introduced In |
|---|---|---|
| createImportLC | This API creates the letter of credits imports. | 2021.10 |
| getImportLCs | This API retrieves the letter of credit imports. | 2021.10 |
| getLetterOfCreditsById | This API retrieves the letter of credit imports by ID. | 2021.10 |
| deleteImportLC | This API deletes the letter of credits imports. | 2021.10 |
| generate | This API downloads the letter of credit imports. | 2021.10 |
For Import Drawing LC
| Name | Description | Introduced In |
|---|---|---|
| createImportLCDrawing | This API creates the LC Drawings. | 2022.01 |
| approveImportLCDrawing | This API approves or rejects the LC Drawings. | 2022.01 |
| createImportLCDrawingSwiftsAndAdvices | This API is creates swift message and advices for the drawing record which is in completed status and payment status is settled. | 2022.01 |
| submitImportLCDrawing | This API submits the LC Drawing. | 2022.01 |
| getImportLCDrawings | This API retrieves the LC Drawings. | 2022.01 |
| getImportLCDrawingById | This API retrieves Import LC Drawing by ID. | 2022.01 |
| generate | This API generates file id to download the pdf. | 2022.01 |
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